A recent industry report sponsored by 14 industry companies and homeaway.com revealed that the vacation rental industry is $24 Billion in the United States. Earlier this year, based on our observations, we had released a similar opinion in a news release. Florida, being a tourist-friendly state, has seen even bigger growth in the market compared to the rest of the country.
So how does this affect you? If you are a traveler, this is great news! More rentals mean more choice when you are looking for your perfect vacation rental. Chances are that you will actually find all the specific amenities that you are looking for at a rate that??s affordable to you. A decade ago, you would have to settle for what the best available vacation rental deal offered. Not so anymore , customer demand has meant that owners are offering custom vacation rental deals and more choices than ever. It also means that prices are likely to fall. A bigger supply of rental properties, combined with a recession-like climate, is a good reason for prices to fall.
On the other hand, if you are a rental owner, this can actually mean good news for you too. You will have to play it smart though, and here??s why. More rentals overall means that people are going to start considering vacation rentals as serious options for their stay compared to hotels when they plan their vacations. This could mean a positive flow of customers for you. On the other hand, more competition means that you will have to advertise your rental in more places to continue to attract the best customers to your property. Your marketing plan really depends on your locality, your budget, your occupancy goals and your target market. Regardless of how you want to plan your marketing, advertising your property online will help you get your property??s name out there for potential customers that are getting more and more Internet savvy by the day.
At vacationrentalhotspots.com, we monitor this market closely. Despite recession, the vacation rental market is growing. When the market rebounds, vacation rentals should do even better. We have faith that good times are ahead for all of us.